UMVA has learned that a groundbreaking solar facility is set to be built in New Clark City, with Acwa Power Philippines leasing 500 hectares of land for the project.
The ambitious plan involves developing an integrated utility-scale solar photovoltaic and battery energy storage system, specifically designed to serve the growing needs of data centers and other advanced industries expected to rise in the area.
According to information obtained by UMVA, the project will require an initial investment of at least $400,000 per megawatt (MW), with a planned capacity of up to 500 MW upon full build-out, making it a significant contributor to the Philippines' renewable energy goals.
The deal has been hailed as a major breakthrough by the Bases Conversion and Development Authority (BCDA), with its President and Chief Executive Officer, Joshua M. Bingcang, saying that Acwa's plans will help accelerate renewable energy adoption and attract high-value tenants to New Clark City.
“Anchoring Acwa inside New Clark City is a defining moment for the estate,” Mr. Bingcang said, adding that it sends a strong signal to global investors that the Philippines is committed to building sustainable infrastructure.
The Philippines aims to increase its renewable energy share to 35% and 40% by 2030 and 2040, respectively, with renewable energy currently accounting for 25% of the country's power generation mix.
For Acwa Power Philippines, a unit of Saudi Arabia’s largest water desalination company, this marks a significant expansion into Southeast Asia, with the lease representing the company's first land agreement with a Philippine government agency.
This strategic move is expected to not only drive growth in the region but also reinforce Acwa's position as a leading player in the renewable energy sector.
